MARKETING MANAGEMENT I - REGENESYS Business School Solved assignments latest

 

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BACHELOR OF BUSINESS ADMINISTRATION

 

Title:  MARKETING MANAGEMENT I

ASSIGNMENT

 

 

 

 

 

Student Name: [Insert your name]

Student Number: [Insert your student number]

Professor Name: [Insert professor's name]

 

 

 

 

 

                                                                                                      Due Date: [Insert due date]

 

 

Table of Contents

1.0 Introduction ..................................................................................................... [Page No. 3]

2.0 Question 1 ....................................................................................................... [Page No.4 ]

2.1 You would like to improve your understanding of your marketing environment. Briefly (25) discuss the elements of the marketing environment. In your response, discuss how these elements might affect your organisation's marketing initiatives. Give examples where applicable.

3.0 Question 2 ....................................................................................................... [Page No.6 ]

3.1 Your line manager wants you to design a customer-driven marketing strategy to ensure that you are targeting the right market for your products. Briefly discuss the steps in designing a customer-driven marketing strategy.

3.2 Market segmentation can help organisations to target specific customers and produce marketing strategies that target the specific market. Briefly discuss market segmentation. Then, conduct market segmentation for your organisation.

4.0 Question 3 ..................................................................................................... [Page No.9 ]

4.1 Briefly discuss the model for consumer buyer behaviour and the characteristics and factors that can influence consumer buyer behaviour.

4.2 Any given price a company charges “will fall somewhere between one that is too low to produce a profit and one that is too high to produce any demand” (Kotler & Armstrong, 2020). Select a pricing strategy that is most applicable to your organisation and discuss how this strategy can be used to benefit your company’s marketing plan and secure competitive advantage.

5.0 Conclusion ..................................................................................................... [Page No.12 ]

6.0 References ..................................................................................................... [Page No.13 ]

 

 

 

 

 

 

 

Introduction

 

Marketing management is a fundamental aspect of any business that involves planning, executing, and monitoring marketing strategies to achieve the organization's goals. It encompasses a range of activities, including market research, product development, pricing, promotion, and distribution. The primary objective of marketing management is to create value for customers while driving sales and profitability for the company.

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSIGNMENT QUESTIONS

 

QUESTION 1                                                                                                                                       (25 MARKS)

 

1.1 You would like to improve your understanding of your marketing environment.

Briefly (25) discuss the elements of the marketing environment. In your response, discuss how these elements might affect your organisation's marketing initiatives. Give examples where applicable.

Answer: The elements of the marketing environment are crucial factors that can significantly impact an organization's marketing initiatives. These elements include:

1. Economic Environment: This element encompasses factors such as economic growth, inflation, unemployment rates, and consumer spending patterns. In a recessionary economy, consumers may cut back

 

 

 

 

QUESTION 2                                                                                                                                     (40 MARKS)

 

2.1 Your line manager wants you to design a customer-driven marketing strategy to ensure that you are targeting the right market for your products. Briefly discuss the steps in designing a customer-driven marketing strategy.

                                                                                                                                                                (20 Marks)

Answer:  Designing a customer-driven marketing strategy involves a series of steps to ensure that the organization effectively targets the right market for its products or services. These steps include:

1. Market Research: Conducting

 

 

Question. 2.2 Market segmentation can help organisations to target specific customers and produce marketing strategies that target the specific market. Briefly discuss market segmentation. Then, conduct market segmentation for your organisation.

                                                                                                                                                                 (20 Marks)

Answer:  Market segmentation is the process of dividing a heterogeneous market into distinct groups or segments based on similar characteristics, needs, and behaviors. This allows organizations to understand their customers better and develop tailored marketing strategies for each segment. By targeting specific customer groups,

 

 

 

 

 

 

 

 

 

 

QUESTION 3                                                                                                                                     (25 MARKS)

 

3.1 Briefly discuss the model for consumer buyer behaviour and the characteristics and factors that can influence consumer buyer behaviour.

 

Answer: The model of consumer buyer behavior is a framework used by marketers to understand and analyze how consumers make purchasing decisions. The most commonly used model is the "stimulus-response" model, which consists of four stages:

 

1. Stimulus: External stimuli, such as advertising, social media, or recommendations from friends, trigger the consumer's need or

 

 

Question. 3.2 Any given price a company charges “will fall somewhere between one that is too low to produce a profit and one that is too high to produce any demand” (Kotler & Armstrong, 2020). Select a pricing strategy that is most applicable to your organisation and discuss how this strategy can be used to benefit your company’s marketing plan and secure competitive advantage.

Answer: The pricing strategy that is most applicable to the smart home tech company in the given scenario is the "Premium Pricing" strategy. Premium pricing involves setting a higher price for products or services to create the perception of high quality and exclusivity. This strategy is suitable for companies that offer innovative and technologically advanced products, targeting customers who are willing to pay a premium for added value

 

 

 

 

 

Conclusion

 

In marketing management, understanding the marketing environment is crucial for designing effective strategies. The marketing environment consists of various elements that can significantly impact an organization's marketing initiatives. These elements include the economic environment, socio-cultural factors, technological advancements

 

References;

1. Marketing Environment and Elements:

• American Marketing Association (AMA): https://www.ama.org/
• Investopedia: https://www.investopedia.com/terms/m/marketing-environment.asp

 

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